IRS Announces 2024 Contribution/Benefit Limits

The IRS announced 2024 dollar limits on benefits and contributions for qualified retirement plans. 

Listed below are the most common limits.

Defined Contribution Plans

  • The contribution limit for elective deferrals is increased from $22,500 to $23,000
  • The total contribution limit for employer and employee contributions has increased from $66,000 to $69,000.
  • The annual compensation limit increases to $345,000 from $330,000
  • The age 50 catch-up is unchanged and remains at $7,500
  • The limit for defining ‘highly compensated employee’ for top heavy determination has increased to $155,000 from $150,000.

Defined Benefit Plans

  • The limitation on the annual benefit has increased to $275,000 from $265,000.

For additional information, download our 2024 Maximum Benefits and Contribution Limits reference material.

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